Dana Gas’s proceeds from selling its Egypt assets will go towards paying $397 million of outstanding Sukuk, according to a press release.

The company confirmed earlier in April that its plans to sell Egypt assets are on hold, but assured that the company is not backing out of the sale. When the aforementioned assets are sold, the proceeds will be used to pay down the Sukuk as required by the terms of the Sukuk. 

Per the statement, the company will update the market with further developments as and when they arise in relation to the strategic review.

In a previous statement, the company clarified that the outbreak of the coronavirus (COVID-19) caused the delay in selling its assets in Egypt, noting that the initial sale process was supposed to be completed in March.